Theodoros Fessas: The problem in Greece is wealth creation and not its distribution

“The problem in Greece is wealth creation and not its distribution, the goal for a fair growth will come later,” Theodoros Fessas, president of the Federation of Hellenic Enterprises (SEV) said on Monday. Addressing the Greek Economy Conference “Greece and the Global disruptive environment: A look into the future” organized by the American-Hellenic Chamber of Commerce, Fessas underlined the need for a new social contract and the exploitation of all available investment tools in the country.

“In the current condition we need everything: a debt relief, a QE, increased state revenue, a reduction in state spending and structural reforms,” he noted, adding that a global economic crisis created a rapid increase of disbelief to wide layers of the society which revolted against so-called ‘established’ political and economic elites. This popular outrage was taken advantage by politicians, either from the left or the right and taken power. “These politicians have put the right questions but gradually it was revealed that they do not have the right answers”.

“After seven years of crisis, we have learned that there are no magic solutions. A new social contract was needed that will leave the past behind and will look to the future. We do not need any more reference to the civil war, the mistakes of one or the other side,” Fessas said.

SEV’s president said: “We need of course a business class that will invest, protect workers, promote social sensibility and pay its taxes,” he said, while he noted it was sad the fact that US President Obama, during his recent visit to Athens, said nothing about modern Greece but focused on the country’s glorious past and “filotimo”.